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Sawmill Village in Summerville changes hands for nearly $26M
Another Charleston-area shopping center recently changed hands at nearly twice the price paid for it eight years ago.
Greensboro, N.C.-based Koury Corp. bought the Harris Teeter-anchored Sawmill Village Shopping Center at 680 Bacons Bridge Road in Summerville on Dec. 16 from Ferncroft Capital of Charlotte for $25.7 million, according to Dorchester County land records.
Ferncroft bought the 13.5-acre retail site in 2013 for $13.46 million, according to property records.
The commercial transaction comes a few days after Stiles Corp. of Fort Lauderdale, Fla., sold the less-than-three-year-old, Publix-anchored Point Hope Commons Shopping Center in Charleston for almost $29 million.
The buyer of the retail center in the sprawling Cainhoy Plantation development on Clements Ferry Road was an affiliate of Prudential Real Estate Advisors of Madison, N.J., according to Berkeley County land records.
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Another newly built Charleston apartment building changed hands in December while a Charlotte firm plans to transform a North Charleston office building after paying more than $6 million for the highly visible site beside Interstate 26.
By the numbers
3: Number of new restaurants now open or on the way in Charleston, North Charleston and Pringletown in Berkeley County.
52: The number of the U.S. highway that runs through Goose Creek and Moncks Corner. The Berkeley County corridor is being studied to form a blueprint for future growth.
111,175: Number of homes sold across South Carolina through November, breaking last year's record sales in 11 months.
This week in real estate
+ Moving on: Brian Hicks writes The Jasper, an upscale project several years in the making on Charleston's southern peninsula, is open for business and 99 percent occupied as the controversy and legal fight surrounding its construction is in the rearview mirror.
+ Policy shift: North Charleston is reconsidering its short-term vacation rental policy.
+ Law school lawsuit: The Charleston School of Law is suing the city of Charleston, alleging it is holding up a nearly $13 million land sale to a hotel developer.
Slim Chickens is a fast-casual restaurant chain based in Fayetteville, Ark. Franchisees plan to open nine new restaurants in eastern South Carolina, in Charleston, Florence and Myrtle Beach.
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